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Royal Unibrew in Brief Royal Unibrew A/S Annual Report 2014 2 ANNUAL REPORT 2014 ROYAL UNIBREW Content MANAGEMENT’S REVIEW Royal Unibrew in brief 3 The Hartwall integration contributes towards significant earnings and cash flow boost 4 Financial Highlights and Ratios 7 Strategy 9 Outlook 12 Financial Review 14 Western Europe 18 Baltic Sea 22 (formerly North East Europe, activities included unchanged) Malt Beverages and Exports 26 (formerly Malt Beverages, activities included unchanged) Shareholder Information 29 Corporate Governance 33 Risk Management 36 Remuneration 40 Board of Directors and Executive Board 42 Organisation and Employees 47 Corporate Social Responsibility 49 MANAGEMENT’S STATEMENT AND AUDITOR’S REPORT Management’s Statement on the Annual Report 54 Independent Auditor’s Report 55 CONSOLidATED FINANCIAL STATEMENTS Income Statement 57 Statement of Comprehensive Income 57 Balance Sheet 58 Cash Flow Statement 59 Statement of Changes in Equity 60 Contents of Notes 61 Notes 62 PARENT compANY fiNANCIAL STATEMENTS Contents 97 Income Statement 98 Statement of Comprehensive Income 98 Balance Sheet 99 Cash Flow Statement 100 Statement of Changes in Equity 101 Notes 102 OTHER INFORMATION Quarterly Financial Highlights and Ratios 116 Definitions of Financial Highlights 117 Group Structure 118 Frontpage photo: Photographer Henrik Damgaard The Annual Report has been prepared in Danish and English. In case of discrepancy the Danish version shall prevail. ANNUAL REPORT 2014 ROYAL UNIBREW 3 Royal Unibrew in brief Net reVenue IN 2014 EBITDA IN 2014 EBIT MarGIN IN 2014 1.1 perCen- 35% HIGHer THan IN 2013 54% HIGHer THan IN 2013 taGE poINTS HIGHer THAN IN 2013 mDKK mDKK % 6,056 1,130 13.6% NET PROFIT FOR THE YEAR 2014 Net REVenue IN 2014 EBIT IN 2014 30% HIGHER THAN IN 2013 alloCated by SEGMent alloCated by SEGMent* mDKK % Malt % Malt Beverages 7% Western Europe 44% Beverages 10% Western Europe 59% 624 Baltic Baltic Sea 49% Sea 36% *-5% not allocated NET IntereST-bearING debt CaSH FloW per SHare EarnINGS per SHare (EPS) mDKK mDKK mDKK 2379 81,1 1553 62,4 56,5 44,4 44,2 45,9 36,4 35,6 770 31,8 631 25,1 321 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 ROYAL UNIBREW Royal Unibrew is a leading regional player in a number of markets in primarily Northern Europe, PRODUCES, MARKETS, Italy and in the international malt beverage markets. Our main markets comprise Denmark, SELLS AND DISTRIBUTES Finland, Italy and Germany as well as Latvia, Lithuania and Estonia. The international malt beverage QuaLITY BEVERAGES. markets comprise a number of established markets in the Americas region and major cities in WE FOCUS ON BRANDED Europe and North America with high concentration of inhabitants from the Caribbean and African PRODUCTS WITHIN BEER, areas in which malt beverages are popular as well as emerging markets in for example Africa. MALT BEVERAGES AND • In Denmark we are the second largest multi-beverage business with a number of strong brands. SOFT DRINKS (ENERGY • In Finland we are the second largest multi-beverage business with a number of strong brands, DRINKS, MINERAL WATER as well as international spirits and wine brands. AND FRUIT JUICES) as • In the Baltic countries were are among the leading multi-beverage businesses holding consider- WELL as CIDER AND able market positions. LONG DRINKS (RTD). • In Italy we are among the market leaders in the super premium segment for beer with Ceres Strong Ale. • In the international malt beverage markets we are among the market leaders in the premium segment, whereas the beer segment is covered by the Faxe brand. 4 ANNUAL REPORT 2014 ROYAL UNIBREW The Hartwall integration contributes towards significant earnings and cash flow boost ”2014 was a satisfactory year for Royal Unibrew. Earnings and cash flow were the best ever. The Hartwall acquisition has progressed postively, and we have made considerable headway with our change plan and thus the integration into Royal Unibrew. The significant earnings and cash flow boost is largely attributable to the Hartwall acquisition, while also the rest of our business saw good momentum and continues to deliver strong results. This has made us increase our medium-term EBIT margin target from 13% to 14%. The strong cash flow contributed towards a significant debt reduction, and our distribution programme will be resumed with a considerable share buy-back programme and a dividend distribution recommendation from the Board of Directors to the AGM.” I am pleased with the good results that rope, but we also operate outside Europe Acquisitions are part of our strategy, and we achieved in 2014. We adjusted our through our considerable export of non- we will closely monitor and consider any earnings outlook significantly upwards alcoholic malt beverages and Faxe beer. acquisition opportunities that may gen- in August 2014 due to the good sum- Our strategy in Europe builds on strong erate added value for our shareholders. mer weather in Northern Europe, faster regional brand portfolios – preferably However, over the past 25 years Europe efficiency improvement of Hartwall than supplemented by international brands has seen considerable industry concen- originally expected and a slower loss of through strategic bottling agreements. It tration, and therefore the probability of market share in Denmark than expected. is also fundamental to our strategy that attractive platform acquisitions is not we are a beverage provider rather than high. Our priorities during the year were as merely a brewery. That makes us less planned and reflect our focus on strate- vulnerable to the general structural de- LEADERShip SupporTS gy, execution and supporting leadership. cline in the European beer market while STRATEGY REALISATION enabling us to benefit from the health Our management values play an impor- The results also reflect our continued trend and the trend towards functional tant part in our strategy realisation. We focus on maintaining and further devel- beverages characterising other parts of cannot compete with the ”deep pockets” oping market and segment positions, the market. The strategy enhances our of global players; as a minor player, we products and brands, strengthening our relevance to our customers and ensures must therefore capitalise on the com- partnerships as well as achieving high efficient utilisation of our entire infra- parative advantages of our leadership. efficiency throughout our business. The structure. good results were achieved in spite of Both strategic understanding and op- challenging market conditions in Europe When we are operating in the main- erational excellence are key parts of our with general consumer restraint. stream segment, the generally flat to management DNA and we constantly negative market development implies a strive to put consumers and customers Our STRATEGY OF REGIONAL constant need for commercial flexibility first through our insight and our contin- BEVERAGE PLAYER and innovation to reinforce market posi- ued focus on value creation shared with Royal Unibrew is a regional player in a tions and for continuous improvements our customers. very consolidated industry with global across our business. competitors. Our main focus area is Eu- ANNUAL REPORT 2014 ROYAL UNIBREW 5 We also strive to be a business and a Due to the competitive environment in We are sticking to our ambitious plan for partner with an open, flexible, holistic the past year, the credit markets have to enhancing the efficiency across Hartwall, and innovative approach that, combined a minor extent eased their requirements and are pleased to note that we are with a non-bureaucratic mindset, leads in respect of loan covenants. We have, ahead of schedule. to fast decisions. however, chosen to maintain our capital structure targets, not least in light of our Hartwall has been losing market shares Our success is based on a strong local un- continued wish to keep our financial, for several years, particularly within beer. derstanding and rooting when it comes strategic and competitive strength – a Our commercial agenda is, indeed, about to both brands and our cooperation with factor which enabled us to act on the reinforcing Hartwall’s position in Finland customers. Our local leaders are strong opportunity when Hartwall was put up through partnerships with our custom- leaders who take responsibility for opti- for sale. ers, through our presence in the off-trade mising the needs of our local consumers channel and in the on-trade channel and and customers, regardless of the origins During 2014 we increased our medium- through strengthening our many well- of the brand. term EBIT margin from 13% to 14%. The known brands. This is a process which is target of 14% remains ambitious – also expected to take at least another couple Due to the challenging market condi- when comparing our results to those of of years and which will require consider- tions, the seasonal fluctuations and the international and regional multi-bever- able investments in our brands. intense competition from global players, age companies in Europe where more we also make an effort to manage Royal than 90% of our activities are carried STroNG MARKET poSITIONS IN A Unibrew with agility and flexibility and out. Our target is ambitious too in light CHALLENGING EuropEAN MARKET to constantly review our plans in light of of the weak outlook for the development 2014 was a challenging year for the Eu- current developments. That makes our in European consumer spending as well ropean beverage industry with a general overall management of Royal Unibrew as our ambition to continue investing in market decline driven by changed and stronger. our growing malt business and a rein- more polarised consumption habits, by forcement of Hartwall’s position. consumer restraint and by fiscal meas- In my opinion, a considerable part of the ures and excise increases. However, in explanation of our positive momentum The comprehensive strategic change of Northern Europe the decline was partly in recent years lies in the shared man- Royal Unibrew in recent years has re- offset by extraordinarily good summer agement values within Royal Unibrew, flected on the share price, market value weather.
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